Ok so here I am blowing snow and suddenly my blower starts to rev high, smells like burning rubber, there is a bang or pop and then black smoke starts pouring out....any thoughts?

Where was the smoke coming from? If it's near the belt guard for the blower housing I would suspect a broken belt that got chewed up.

You make no mention of whether or not the motor kept running. The part about the high revs would have me looking for a thrown rod. Those are usually pretty easy to find: the side of the crankcase will often times have a hole in it.

8 HP and above Tecumseh's are notorious for throwing rods if over-reved. The block usually goes behind where the electric starter mounts.

If it's a rod and no other damage was done, there's a chance you may be able to save it with a new rod but if the crank or block is damaged then it's likely toast and time to look for another engine.

This is obviously assuming it was engine damage you're dealing with.

Gonna' need more info to diagnose what you've got going on Papabear1975. Your notion of a pop and a bang might be different from mine. Brand of machine and engine is needed to know where to begin for sure. Pictures would help too.